David Scott Offer Sells 33,000 Shares of Flex (NASDAQ:FLEX) Stock

Flex Ltd. (NASDAQ:FLEX) EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the transaction, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This represents a 30.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

David Scott Offer also recently made the following trade(s):

• On Monday, May 11th, David Scott Offer sold 22,212 shares of Flex stock. The stock was sold at an average price of $142.40, for a total value of $3,162,988.80.

Flex Stock Performance

Shares of NASDAQ FLEX traded down $7.59 during midday trading on Friday, hitting $151.92. 5,368,299 shares of the company’s stock were exchanged, compared to its average volume of 6,173,585. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 12 month low of $42.60 and a 12 month high of $166.86. The company’s 50 day moving average price is $107.57 and its 200 day moving average price is $78.73. The firm has a market capitalization of $55.66 billion, a PE ratio of 65.20, a price-to-earnings-growth ratio of 0.84 and a beta of 1.64.

Flex (NASDAQ:FLEX) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion during the quarter. As a group, analysts predict that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLEX. Brighton Jones LLC acquired a new position in Flex in the 4th quarter valued at $260,000. Goldman Sachs Group Inc. raised its holdings in Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after acquiring an additional 211,046 shares in the last quarter. Empowered Funds LLC acquired a new position in Flex in the 1st quarter valued at $397,000. EverSource Wealth Advisors LLC raised its holdings in shares of Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after buying an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after buying an additional 29,821 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FLEX has been the subject of several recent research reports. Stifel Nicolaus boosted their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. KeyCorp boosted their price target on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Barclays boosted their price target on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.